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HBOS sees no early end to credit crisis

HBOS, the UK’s largest mortgage lender, warned it would be well into next year before the wholesale funding markets returned to normality – and the credit crunch eased for customers

Former E&Y partner charged with insider trading

A former Ernst & Young partner has been charged by US prosecutors with passing on insider trading information to a friend ahead of seven deals involving the accounting firm’s clients, including the Blackstone-led $17.6 billion takeover of Freescale Semiconductor in 2006

Turner named City watchdog boss

The former director-general of the CBI, Adair Turner, has been named as the new chairman of the City's watchdog, the Financial Services Authority (FSA)

Banks spell out position on ‘fair value’

A group of leading banks has clarified its position regarding “fair value” – or mark-to-market accounting – after its proposals to alter the rules caused a storm among its members and provoked criticism by leading regulators

Football clubs’ costs spiral upwards

A good accountant could be as useful as a good manager to aspiring Premier League football teams as the cost of maintaining even mediocrity in the top division spirals upwards, new figures show

Entrepreneurs back the Conservatives as faith in Treasury nose dives

Entrepreneurs are throwing their support firmly behind David Cameron’s Conservatives, as confidence in Alistair Darling’s chancellorship continues to wane, according to research by entrepreneur think tank the Tenon Forum

London leads world in office costs

London's West End remains the world's most expensive office market in spite of rapid gains in prices in emerging economies such as Russia, India and Vietnam

BDO Stoy Hayward named among UK's best workplaces

BDO Stoy Hayward is the only accountancy firm to make it into the top 50 ranking of the UK’s Best Places to Work survey

Ministers indicate U-turn on road taxes

Gordon Brown’s ministers on Tuesday paved the way for a new tax retreat, signalling the government may unpick another aspect of the Budget by reversing proposed new duties on motorists and hauliers already hit by rising fuel prices

Bosses most at risk of ID theft

Company directors or those running their own businesses are most likely to be victims of identity theft, according to a report from Experian

Banks face ‘poor service’ league tables

Banks and financial services companies face the prospect of having the number of complaints they receive from customers and how they handle them made public under proposals by the City watchdog to compile league tables of poor service

Lever joins ASB board

Accounting Standards Board announce that financial reporting heavyweight Ken Lever has joined its ranks

Recession still likely in US, says Greenspan

Former Federal Reserve chairman Alan Greenspan says the United States is still more likely than not to have a recession, despite relative stabilisation in the economy in recent weeks

Services firms in gloomy mood as slowdown hits profits: CBI

Sentiment deteriorated again across the services sector in the last three months as profitability fell at a record rate for consumer-facing companies and was flat for business services firms, according to the latest CBI Services Sector survey

Faster bank transfers under way

A banking scheme for one-day cash transfers over the telephone or on the internet has started

Scepticism grows over claims on ethics

Consumers have become more sceptical of companies’ claims of ethical behaviour, in spite of the focus businesses have put on pushing their environmental and fair trade credentials

Showdown looms over HSBC bonuses

Directors at HSBC are heading for a potentially bitter showdown with shareholders over a remuneration package that could reward the bank’s most senior executives with more than £100m over the next three years

KPMG launches Supplier Code of Conduct

KPMG has become the first UK accountancy firm to launch a Supplier Code of Conduct, designed to ensure that the suppliers it does business with adhere to essential ethical and environmental principles

New rules for consumer protection

A new law aimed at protecting consumers against rogue traders has come into force in the UK

FRC publishes major discussion papers

The Financial Reporting Council (FRC) has published two major discussion papers on actuarial practice and regulation

Labour reeling after ‘send-a-message’ poll

The Conservatives won the Crewe and Nantwich by-election, snatching the previously safe Labour seat with a convincing 7,860 majority in the latest blow to Prime Minister Gordon Brown

Treasury 'must end fuel tax plan'

Business leaders have called on the Treasury to scrap plans to introduce a 2p increase in fuel tax in the autumn as the price at the pump surges

Goldman set to sever IIF links

Goldman Sachs said it was likely to sever its links with the Institute of International Finance after the association of leading banks and insurance companies called for a relaxation of controversial accounting rules on asset valuation

Blin a winner at inaugural Scottish Accountancy Awards

PricewaterhouseCoopers supremo Frank Blin was last night recognised for his outstanding contribution to the profession at the inaugural Scottish Accountancy Awards

Top banks call for relaxation of accounting rules over writedowns

The world’s leading banks have stepped up pressure to relax controversial accounting rules with a new plan aimed at breaking the “downward spiral” of huge writedowns, emergency fundraisings and fire-sales of assets

Oil surge sparks inflation fears

Oil surged past $133 a barrel on Wednesday, fuelling fresh concerns in the markets about how central banks would deal with the growing threat of rising inflation and slowing growth

Protracted slowdown looming, says Bank of England

The economy is heading for its most protracted slowdown since the early 1990s, according to detailed growth forecasts from the Bank of England that show a sharply widening gap between its and the government’s outlook

Bag charge plan hits US airline

American Airlines is to become the first major US carrier to charge passengers to check in a first bag

City watchdog to focus on bankers’ bonuses

The structure and scale of bankers’ bonuses will be taken into account by regulators when they assess banks’ exposure to financial risk, according to the Financial Times

Darling 'listening' to UK firms

Chancellor Alistair Darling admits 'getting business tax right is not easy' and makes pledge to consult UK businesses on any significant changes to taxes

Tax changes to hit '18m families'

Eighteen million families will be worse off after the April 2009 Budget when temporary tax concessions expire, a study by the independent think tank the Institute for Fiscal Studies suggests

Management redundancies at 'seven-year high'

More UK bosses are being made redundant than at any time in the past seven years, according to a new report, although those not losing their jobs are seeing pay rises

FRC confirms relevance of 'true and fair' concept

ICAS welcomes statement on ‘true and fair’ as the fundamental principal for financial reporting

Buffett says effects of crisis ‘far from over’

Warren Buffett, the world’s richest man and chief executive of conglomerate Berkshire Hathaway, says he thinks the effects of the financial crisis were “far from over”

Food price rises 'to hit UK hard'

The UK is "more exposed" to rising food price rises than its peers, adding to recessionary fears, according to a report by Ernst & Young

CBI urges reform of ‘capricious’ tax system

The CBI president will on Tuesday criticise the government for creating a corporate tax system that deters both British and foreign businesses from investing in the UK, according to the Financial Times

Poll shows wide dislike of wealth gap

Public opinion across Europe, Asia and the US is strikingly consistent in considering that the gap between rich and poor is too wide and that the wealthy should pay more taxes

Britain to press ahead with Islamic bond

Britain will announce its determination to launch the first Islamic bonds by a western government, according to the Financial Times

CPI target to 'crucify' consumers

Consumers will be "crucified" unless the government changes its inflation target, according to Peter Spencer from the influential Ernst & Young Item Club

Make better use of our resource, internal auditors tell business

A new report reveals that many internal auditors believe they can increase the value they provide to their organisations by extending their reach into wider risk areas such as reputation, technology and projects not just concerned with financial control

Banks eye £90 billion in mortgage asset swaps

The UK’s biggest banks are preparing to swap £80-£90 billion of mortgage-backed assets for Treasury bills with the Bank of England, according to the Financial Times

FRC releases discussion paper on audit ownership

The Financial Reporting Council has published its anticipated discussion paper on the impact of changes to audit firm ownership rules

Counter-fraud exercise reaps rewards

Almost £10m worth of fraud and errors, from pension claims to disabled badge permits, have been identified following a national detection exercise by Audit Scotland working together with other public bodies

IMF sees financial crisis ending

The head of the International Monetary Fund tells European Parliament committee the worst of the global financial turmoil is over, but recovery is dependent on US house prices

No interest rate cut for two years, Bank warns

Britons should not expect another cut in UK interest rates for at least two years, the Bank of England indicated yesterday as it warned that inflation would rise far above its previous forecasts and persist at levels well above the government’s target until early 2010

RBS seeks to repair investor relations

The Royal Bank of Scotland has been sounding out shareholders about the level of support for its top executives as the banking group seeks to rebuild confidence with investors following its £12bn rights issue

Credit crunch beginning to hit UK jobs

The first clear signs that the credit crunch and stuttering economic growth have begun to hit jobs emerged on Wednesday with official figures showing the number of people claiming unemployment benefit had risen for the third month in a row

MPs call for simpler tax forms

The House of Commons Public Accounts Committee says simpler forms would help raise £330m more in tax

Darling seeks end to 10p tax backlash

Chancellor Alistair Darling on Tuesday attempted to borrow his way out of the government’s 10p tax nightmare, as he announced a £2.7 billion cash handout to poorer and middle-income households

B&B seeks £300m from shareholders

Bradford & Bingley has become the latest UK bank to go to its shareholders for extra cash, planning to raise £300m in a rights issue that offers existing investors the chance to buy more shares

One in four 'asked to pay bribes'

Almost one in four companies has been approached to pay a bribe to win or retain business in the last two years, according to an Ernst & Young survey

'Sickies' cost UK £1.6 billion a year

Public sector worst offender in survey revealing that of the 172 million days lost to absence in 2007, 12 per cent are thought to be non-genuine

Mounting signs of economic slowdown

As inflationary pressures rise to levels not seen in nearly 20 years, new data due today is expected to show important parts of the economy are stagnating

Writedowns push MBIA to $2.4bn loss

MBIA on Monday reported a $2.4bn loss for the first quarter as the world’s largest bond insurer took billions of dollars of writedowns on derivatives contracts in a deteriorating credit market

Lib Dems attack City bonus culture

Nick Clegg, the Liberal Democrat leader, yesterday called for a change in the "damaging" bonus culture of the City at a time when many hundreds of thousands of people were facing intense economic anxiety

Credit crunch increases investor activism

A survey of investor relations professionals conducted by Deloitte has shown that investors are becoming more active as a result of the credit crunch

UK bank losses to hit public finances

Losses suffered by Britain’s largest banks as a result of the global credit turmoil will add further pressure on the public finances by cutting the amount of corporation tax paid by the financial services industry

UK economic outlook 'worsening'

The outlook for the UK economy has deteriorated and the Bank of England must act to stop a major downturn, the British Chambers of Commerce has warned

Top 100 firms paying out £28bn on red tape

The world's leading 100 financial institutions have increased their expenditure on regulation and compliance by more than 30 per cent in the past three years, according to an investigation by Deloitte

Pensions accounting proposals under fire

Pensions accounting reforms that threaten to hit companies' reported profits came under fire at a public meeting hosted by ICAS

IMF warns on global inflation

Global inflation has re-emerged as a major threat to the world economy, says the International Monetary Fund, in a stark warning that marked an abrupt change of tone from its emphasis on the risks to growth

Union to demand UK tax rise for the rich

One of Labour’s most influential trade union backers is to urge the party to make the wealthy pay more tax through an increase in the national insurance ceiling

Employers turning to flexible workforces

A new jobs report shows that employers are turning to flexible workforces, with a decline in permanent placements

FPB offers support on employment law for firms awaiting new ACAS guidance

A new draft code of practice aimed at simplifying employee discipline and grievance procedures is being welcomed by the Forum of Private Business

No surprise from Bank of England

The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 5 per cent

UK companies look to offload pension risks

More of the UK’s 100 biggest listed companies are looking to get rid of pension liabilities as the price of offloading their risk has fallen

Revenue from carbon permits should be used to tackle climate change

A coalition of business and environment leaders has called on the Government to use money raised by auctioning carbon emission permits to tackle climate change

UK enterprises turn to older workers

UK entrepreneurs are increasingly relying on older workers to plug skills shortages in their businesses, according to figures from entrepreneur think tank, the Tenon Forum

FTSE 350 financial controllers to prioritise recruitment and internal reputation over risk, controls and legislation

FCs will focus their attention on recruitment and improving their team’s internal profile, following a five-year period where regulation, risk and controls took precedence, according to a report from Ernst & Young

Labour looks at tax options

Alistair Darling sought on Tuesday to damp down a renewed Labour revolt over the decision to scrap the 10p tax band, as the Tories prepared to fight the looming Crewe and Nantwich by-election on the issue

Analyst warns of oil at $200 a barrel

Prediction comes as research by Ernst & Young’s ITEM Club says that permanently high oil prices have the potential to snuff out any moderate recovery in the UK and global economies in 2009 and 2010

Aberdeen acquisition moves investment group into global top 10

Aberdeen Asset Management is buying a UK property fund manager despite the current weak state of the sector to fill a gap in its range of investment offers

Not even the credit crunch can overshadow the spectre of regulation and corporate governance

Company directors continue to cite regulation and corporate governance as the biggest business challenges for non executive directors, despite growing concerns around the credit crunch, according to a new survey

Brown warned about corporation tax walkout

As WPP, the world's second largest advertising firm, says it will consider moving its London headquarters overseas if proposed tax changes go ahead, PM is warned of potential 'exodus' of companies

FSA doubles criminal team

The number of criminal prosecutors pursuing insider dealing and other illegal market activity has more than doubled under the City watchdog, in the clearest sign yet of its aggressive new approach to enforcement, according to the Financial Times

E&Y faces integration struggle, says KPMG chief

Ernst & Young could struggle to make good on its plans to merge all its European partnerships in one go, according to the co-head of KPMG Europe, the only accountancy group to have integrated firms

Entrepreneur finalists

Ernst & Young has named the 30 finalists for the title of Scottish entrepreneur of the year, to be announced on 12 June

RBS moves to end free corporate banking

The Royal Bank of Scotland plans to eliminate free banking for thousands of its corporate account holders at the start of next month as part of a relaunch of its business banking services, according to the Financial Times

Show me the money – and I’ll show you mine

In a bid to eradicate pay inequality, Scottish employees are prepared to challenge one of the biggest workplace taboos and reveal their own salaries

Sir Adrian Cadbury says company boards depend on professionals more than ever

Company boards are more dependent on their professional advisers than ever before, according to Sir Adrian Cadbury

Credit crunch yet to bite as personal insolvency figures remain flat

According to figures released by the Insolvency Service, the total number of personal insolvencies in the UK fell for the third quarter in a row when compared to the same period last year, after five years of continual increases

House of Lords committee consults ICAS on tax changes

The influential Economic Affairs Committee of the House of Lords has asked The Institute of Chartered Accountants of Scotland to submit a report on the lack of consultation which preceded changes to the Capital Gains Tax (CGT) regime and the changes to deal with the tax status of non-residents and non-domiciled individuals in the UK

Brown suffers humiliating poll defeat

Gordon Brown has suffered a humiliation at the polls, as former Labour supporters staged a mass local election protest against his government and the worsening economic situation

Bush offers $770m for food crisis

George W Bush has offered $770m (£390m) in international food aid to help ease the effects of surging food prices that have sparked riots in some countries

Call for controls amid excessive risk-taking

Credit needs to be more expensive and harder for risky borrowers to obtain to lessen the chance of a new bubble emerging, reports a think-tank on Friday, arguing for tougher controls to stop lenders and people taking excessive risks

FPB calls on government to place small firms at the heart of its new tax forum

Following the revelation that a new tax forum is to be set up to tackle the problems of the UK’s tax system, the Forum of Private Business is concerned that, once again, the government is snubbing small businesses

Bank of England: Worst may be over

The correction in the credit markets has gone too far, the BoE says, in a signal that it believes the worst of the global crisis could be over

PM promises tax cut to appease business

Gordon Brown says he aims to cut corporation tax further, in the second attempt in as many days to stop UK companies moving abroad

FRC warns of higher costs for UK companies

The Financial Reporting Council says UK companies could face higher capital costs if the EU adopts standards that prohibit them from complying with IFRS, as published by the IASB

Man Utd beat Chelsea – in money league

Forbes list of 25 most valuable clubs puts Fergie's team on top of the heap, while Chelsea come in at eighth spot

HMRC celebrates a new arrival - the Child Trust Fund podcast

HM Revenue & Customs has turned to podcasting in a bid to get its message across about the Child Trust Fund

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